18 Bedroom Apartment For Sale in Cape Town

Property description

Discover this impressive 2-storey accommodation block nestled at the base of the Maitland Bridge, located at 57 Montague Road, Maitland. Owned by a single owner since 2012, this property has undergone extensive renovations, transforming the existing 6 apartments and adding two studio apartments, bringing the total to 8 units. Additionally, a caretaker and their family reside in a spacious 3-bedroom 'wendy style' house on the premises, offering potential for additional rental income.
The configuration of the apartments is as follows:Four 3-bedroom apartments accommodating 6 people each, totaling 24 occupants.Two 2-bedroom apartments accommodating 5 people each, totaling 10 occupants.Two studio apartments accommodating 2 people each, totaling 4 occupants. In addition, there is the caretaker's 3-bedroom wendy house.
With a maximum capacity of 38 people, the property offers lucrative rental potential, especially for student accommodation or contract personnel whose rent is covered by corporations. Monthly rental income on a per bed basis, excluding the caretaker house, could reach up to R95,000.00 (@R2500 per bed x 38 beds) for a student mix.
Each apartment is equipped with prepaid electricity and water meters, except for studio apartments 7 & 8, which have electricity and water included in the general council bill. These two units also feature GAS GEYSERS, distinguishing them from the rest of the building with normal water geysers. A fingerprint reader with a turnstile at the front gate adds an extra layer of security. Approximately 4 parking bays are available on the premises.
The tenant mix includes students, contract personnel, and longer-term residential tenants, such as families occupying unit 7 and unit 8. The caretaker and their wife, responsible for maintenance and cleaning of the premises, will vacate upon successful sale, unless requested otherwise by the new owner. Opportunities exist to utilize the caretaker's services for transportation to tertiary education institutions.
The current owners are VAT registered, any sale price would would need to factor in 15% VAT charge, which can be reclaimed by VAT registered buyers. Don't miss this exceptional investment opportunity in Maitland's vibrant property market.